The Manufacturers Life Insurance Company purchased a new stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 418,304 shares of the financial services provider's stock, valued at approximately $22,526,000. The Manufacturers Life Insurance Company owned about 1.31% of TriCo Bancshares as of its most recent filing with the SEC.
Other hedge funds have also modified their holdings of the company. Larson Financial Group LLC increased its stake in shares of TriCo Bancshares by 337.5% in the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock worth $26,000 after acquiring an additional 459 shares during the period. Danske Bank A S acquired a new position in TriCo Bancshares in the 4th quarter worth about $28,000. Farther Finance Advisors LLC lifted its position in shares of TriCo Bancshares by 40.3% during the 4th quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider's stock valued at $35,000 after buying an additional 211 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in TriCo Bancshares during the second quarter valued at $36,000. Finally, Abound Financial LLC purchased a new position in TriCo Bancshares in the 4th quarter valued at about $43,000. 59.11% of the stock is owned by institutional investors and hedge funds.
TriCo Bancshares Price Performance
TCBK stock opened at $53.87 on Friday. TriCo Bancshares has a 1 year low of $40.44 and a 1 year high of $61.71. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.87. The firm has a market capitalization of $1.72 billion, a PE ratio of 12.92 and a beta of 0.60. The business has a 50 day simple moving average of $56.29 and a 200-day simple moving average of $51.92.
TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.03. The firm had revenue of $111.88 million for the quarter, compared to the consensus estimate of $110.99 million. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%. Equities research analysts anticipate that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.
TriCo Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, September 11th. TriCo Bancshares's payout ratio is currently 34.53%.
Wall Street Analysts Forecast Growth
TCBK has been the topic of several research reports. DA Davidson decreased their target price on TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a research report on Monday, July 27th. Raymond James Financial cut TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 14th. Stephens raised TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a research note on Thursday, August 6th. Piper Sandler raised their price objective on TriCo Bancshares from $61.00 to $63.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Finally, Zacks Research cut shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, TriCo Bancshares currently has an average rating of "Hold" and a consensus price target of $56.60.
View Our Latest Analysis on TCBK
About TriCo Bancshares
(
Free Report)
TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.
The company's core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.
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